Dogecoin’s price is on track to reach new all-time highs, according to technical analysis that points to similar bullish scenarios from previous cycles. By examining historical patterns on the monthly chart, experts predict a possible path toward the $10 milestone.
Historical trends suggest a recurring pattern tied to Dogecoin’s monthly candles. Analyst Dima Potts James notes that the coin is currently in its third bull cycle and is poised to repeat an interesting phenomenon from previous cycles. The pattern involves four upward-trending monthly candles, or “purple candles,” which preceded notable surges.
In the first two cycles, Dogecoin exhibited significant price gains after completing these purple candles. However, this time around, the coin broke through resistance trendline and reached its current all-time high of $0.7316. If the pattern holds true, the next resistance line is expected to be around $1.50 in December.
Breaking above this trendline would likely lead to further price increases, with some predictions suggesting a potential reach of $10 by 2025. Currently, Dogecoin is trading at $0.454.
Source: https://bitcoinist.com/dogecoin-price-at-10-doge